2026年首批！两家险企获批发债

Core Viewpoint - The issuance of capital supplementary bonds by China United Life Insurance and Great Wall Life Insurance reflects the challenges faced by the insurance industry in capital management, business expansion, and solvency improvement, amid rising regulatory requirements and changing market conditions [1][3]. Group 1: Regulatory Approvals and Issuance - In early 2026, the National Financial Regulatory Administration approved China United Life to issue up to 570 million yuan and Great Wall Life to issue up to 1 billion yuan in capital supplementary bonds [3]. - The issuance of bonds has been a common practice in the insurance industry, with over 100 billion yuan issued annually for the past three years, indicating a strong demand for capital supplementation [6][7]. Group 2: Financial Health and Capital Management - As of the end of Q3 2025, the comprehensive solvency adequacy ratio of insurance companies was approximately 186.3%, a decrease of 13.1 percentage points from the previous year, while the core solvency adequacy ratio was about 134.3%, down 4.8 percentage points [10]. - The implementation of the new accounting standards (IFRS 17) has posed challenges to capital management, leading to a decline in core solvency ratios and increasing capital requirements for insurance companies [10]. Group 3: Market Conditions and Future Outlook - The low interest rate environment has reduced the cost of financing for insurance companies, making bond issuance more attractive [12][13]. - Despite the current capital supplementation through bond issuance, the long-term sustainability of insurance companies relies on their ability to generate internal capital, as external financing alone may not suffice [11].